Treasuries are down from yesterday's monthly high ahead of today's FOMC rate announcement; the latest policy statement due at 12:30 pm EST. Economic data has been inconsequential; Durable goods orders for March increased by 2.5%, which exceeds the 1.8% increase that had been widely anticipated. The market instead awaits the Federal Open Market Committee's monetary policy announcement and Chairman Ben Bernanke's first press conference to discuss the statement at 2:15 pm EST. The Q&A session is meant to increase transparency at a time when rising food and energy prices have triggered concerns about the Fed's ability to keep inflation in check. Although markets don't expect the Fed to raise rates or change its asset-purchase program, which ends in June, investors will look for updated economic forecasts. Also at 1:00 pm EST, results of the $35 billion 5 year treasury auction will be released. Currently mortgages are roughly an 0.125 worse in price from yesterday morning.
Advanced Brokers Insurance - San Diego, CA
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Vance Broker
Apr 27, 2011 05:30 AM
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